HEARTWOOD INNS LIMITED
Company number: 07118269
Reporting period:
1 July 2025 to 31 December 2025
Report filed on:
9 January 2026
Approved by:
Henry Olney
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 44 days
Total value paid:
- within 30 days: £2,745,153 (16%)
- in 31 to 60 days: £14,388,348 (81%)
- in 61 days or more: £522,174 (3%)
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 91%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £31,753
- payments due in the reporting period which have not been paid within the agreed period: 0%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
61 days
Standard payment terms
Heartwood Inns Limited standard payment terms are as follows:
- Payment is made on the last working day of the month following the end of the month in which an invoice is received.
- This will mean that invoices will be between 31 and 61 days old at the time of payment.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
61 days
No further comment provided
Any other information about payment terms
No further comment provided
Retention clauses
How does this business use retention clauses?
All construction contracts include retention clauses.
Does this business only use retention clauses in construction contracts above a specific contract sum?
Yes: £700,000
Does this business use a standard percentage rate in retention clauses?
Yes: 2%
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
Yes:
We are the end-user of the construction process, so do not have any retentions applied to our business.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
After a 6 month period with no post-project defects coming to light, our in-house project manager will agree with the relevant supplier that the retention is available to be released.
Is the money released in stages?
No
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
0%
Amount retained stated as a percentage of the total construction payments made by this business
2%
Dispute resolution process
In case of any disagreements we contact the suppliers directly if there are any disputes. The business will withhold payment until the dispute has been mutually resolved. Once agreement is reached we require a credit note to be issued along with a new corrected invoice.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No